Tuesday 21 November 2017

'Spanish Anglo' set up Irish branch in 2011

Reuters
Reuters
Laura Noonan

Laura Noonan

COLLAPSED Spanish bank Bankia, dubbed the Spanish Anglo, set up a multi-billion euro Irish branch last summer.

Documents filed with the Companies Office show Bankia put €1.8bn into a new Irish company 'Bankia SA' in July.

The bank, which was forced to accept a €23bn rescue this summer, uses its Irish branch to hold funds in trust for retail, large corporations and other investors.

A spokeswoman said the Irish branch would continue "for the time being" despite the bank's difficulties.She declined to reveal how many staff are employed here, but the number is believed to be very small.

The Central Bank confirmed Bankia had established an Irish branch on June 30, but declined to give any further details.

Irish Independent

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